28 BAS/VAT Report - Revision history

Simon Clive at 03:16, 26 September 2011

2011-09-26T03:16:33Z

Simon Clive at 03:13, 26 September 2011

2011-09-26T03:13:01Z

Simon Clive at 03:08, 26 September 2011

2011-09-26T03:08:20Z

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Simon Clive: Created page with " BAS/VAT Report Has the setup of the BAS report / VAT Report with the Tax Codes been done and approved by the accountant?? When creating a new account/Product you must select a..."

2011-06-27T05:57:08Z

Created page with " BAS/VAT Report Has the setup of the BAS report / VAT Report with the Tax Codes been done and approved by the accountant?? When creating a new account/Product you must select a..."

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BAS/VAT Report

Has the setup of the BAS report / VAT Report with the Tax Codes been done and approved by the accountant??

When creating a new account/Product you must select a tax code for the account, this tax code will then auto load
when creating transactions within ERP. It is important to ensure that the correct tax code is used as the entries made
will automatically feed into the BAS/VAT reports. If the tax codes are incorrect for an account/product this will affect
the report.

NOTE: The option Tax Code is also available here and is used to create a new tax code. Always
consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting

Below is a list of the Tax Codes that are pre-configured in ERP Software. Some of these codes will never be used by the majority
of businesses and are therefore inactive by default but can be made active if required.

Accessing Tax Codes

Select the Accounts drop down menu at the top left of the main screen
Select Tax Codes
Select Tax Code List
NOTE. the option Tax Code is also available here and is used to create a new tax code. Always
consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting.
Active tax codes are ticked in the list
To activate a tax code double click the code and tick Active in the new window that opens.
Save

The Tax Code List

Code Description
CAF Capital Acquisition - GST Free
CAG Capital Acquisition - Inc GST
CAI Capital Acquisition - for making Input Tax
E Tax Exempt
EXP GST Free Exports
FRE GST Free Supplies
GST Supplies Including GST
NT No Tax
INP Input Taxed Sales
NCF Non-Capital Acquisition - GST Free
NCG Non-Capital Acquisition - Inc GST
NCI Non-Capital Acquisition - for making Input Tax
WC Combined WET and WGST
WET Wine Equalisation Tax
WGST GST on Wine Equalisation Tax

You should not replace any of the above codes as reports such as your BAS depend on the correct
tax code being used.

This facility enables you to set up and print out and save standard BAS statements. Statements can be created for all
or individual departments/classes in an Accrual of Cash basis.

Special Note: ERP requires your Accountant to configure the BAS setup to ensure correct reporting to the ATO. The
BAS report depends on the correct Tax_Codes<LinkId=139> being used in transactions. Please familiarise yourself with ERP's tax
codes before proceeding. If you are in doubt as to which tax cade should be used for a transaction you should ask your
accountant.

Adding a new BAS Statement

Select the BAS report button this will open the BAS report Statement at the Supplies and Acquisitions section of
the report.
Select the period you require - Monthly or Quarterly.
Select the Month/Quarter Beginning, and the Current Year periods from the drop down menus.
Select Options
Choose Department/s
Choose Accounting Method (Accrual or Cash)
SAVE (this will repopulate all fields
SAVE the report. It is recommended that you have a policy on the Naming Convention of the BAS reports.

BAS Options

You are able to create a BAS statement for either Cash or Accrual accounting method. The default selection is Accrual.
Select Options
Select Cash or Accrual

Cash
Cash is used for Businesses using a cash basis of Accounting for Goods and Services Tax (GST) payable and for input
tax credits when payment for a taxable supply or creditable acquisition is either made or received.

Accrual (Non Cash) accounting
Entities using an Accrual or Non Cash basis of accounting for Goods and Services Tax (GST) payable and for input tax
credits account for GST

When they receive or pay any consideration, or
When an Invoice is issued or received, whichever occurs earlier.

Creating BAS by Department

ERP allows you the ability to create a BAS Statement by Department (Cost Centre) or by ALL Departments.

Select Options button on the bottom of the form.
Select the Department you are setting the BAS Options for.
Options: Choose the BAS Options, Accounting Method and select OK

Adjusting the Configuration of the BAS Statement

The BAS Report is set up so that you can make changes to the tax code links.

It is Important to note, that only a qualified Accountant should carry out this process. The selections need to be checked
to ensure you get your desired results.

Select the G1 button link for 'Total Sales & Income & Other Supplies'.
Included Tax Codes are EXP, FRE, GST, INP and WC
View all the accounts that will appear under the total for G1.

If modification is required, use the CTRL Key and select the item/s you wish to add or remove from this selection.
Select 'OK', to save or select 'Cancel' if you want to exit without saving.

Use the same process for all other BAS Buttons

Exports G2
Included Tax Codes are EXP
Other GST-Free Supplies G3
Included Tax Codes are FRE
Input Tax Sales & Income & Other Supplies G4
Capital Acquisitions G10
Included Tax Codes are CAF, CAG and CAI
Other Acquisitions G11
Included Tax Codes are NCF, NCG, NCI
Acquisitions for making input taxed sales & income & other supplies G13
Included Tax Codes are CAI and NCI
Acquisitions with no GST in the price G14
CAF and NCF
Total of estimated private use of acquisitions & non-deductible G15

Taxes and Amounts withheld
(follow the same procedures as per 'Supplies and Acquisitions)

Select the BAS Report button, this will open the BAS Report Statement at the Supplies and Acquisitions section
of the report.
Select the Taxes and Amounts Withheld tab
Select the Reporting Period either Monthly or Quarterly
Select the Year
Click W1, W2, W3, W4, T1 to View all the accounts that will appear under the totals. W1 is a combination of the
Gross Wages expense accounts, ie all accounts that go into the Gross Wages as a total and W2 is the PAYG tax expense
account. Amounts will refresh as you click on these buttons.
The Select Accounts screen will load.
If modification is required, use the CTRL Key and click on the item you wish to add or remove from this selection.
Select 'OK' to save, or select 'Cancel' if you want to exit without saving.

Fringe Benefit tax instalment for the period
Enter in F1, F2, F3 and F4 amounts advised by the ATO or your accountant

BAS Debits and Credits

Select the BAS Report button this will open the BAS Report Statement at the Supplies and Acquisitions section
of the report.
Select the BAS Debits and Credits tab
Click 1C, 1E, 1D, 1F, 1G to View all the accounts that will appear under the totals.
The Select Accounts screen will appear. If modification is required, use the CTRL Key and click on the item you
wish to add or remove from this selection.
All other fields will be populated with values calculated accordingly in respect to the selected tax codes for each
of the "select accounts" fields.
Select 'OK' to save, or select 'Cancel' if you want to exit without saving.

@@ Line 53: / Line 53: @@
 '''Adding''' a new '''BAS Statement '''This facility enables you to set up and print out and save standard BAS statements. Statements can be created for all or individual departments/classes in an '''Accrual''' of '''Cash''' basis.
-*From the '''Accounts'''BAS report''''''Supplies and''' '''Acquisitions''' section of the report. <br>
+*From the '''Accounts''' Module Select the '''Bass Report''' Button and by Default it will open on '''Supplies and Acquisitions'''&nbsp; &nbsp; ''<br> ''
 *Select the period you require - '''Monthly''' or '''Quarterly.''' <br>
 *Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. <br>

@@ Line 1: / Line 1: @@
 '''BAS/VAT Report'''
 Has the setup of the '''BAS''' report / '''VAT''' Report with the '''Tax Codes''' been done and approved by the '''Accountant??'''
 When creating a new Account/Product you must select a Tax Code for the account, this tax code will then auto load when creating transactions within ERP. It is important to ensure that the correct Tax Code is used as the entries made will automatically feed into the '''BAS/VAT''' reports. If the Tax Codes are incorrect for an '''Account/Product''' this will affect the report.
 <br> Below is a list of the '''Tax Codes''' that are pre-configured in ERP Software. Some of these codes will never be used by the majority of businesses and are therefore inactive by default but can be made active if required. <br>
 *To&nbsp; Access '''Tax Codes''' Select the '''Accounts''' drop down menu at the top left of the main screen <br>
 *From the Drop Down Select '''Tax Codes''' and then '''Select Tax Code List '''<br>
-'''N.B''' the option '''Tax Code''' is also available from this Drop Down and is used to create a new tax code. Always consult your Accountant and ERP Support before creating a new tax code as there may be implications for reporting. <br>
+*'''Active''' tax codes are '''Ticked''' in the list <br>
-*'''Active''' tax codes are '''Ticked''' in the list <br>
+'''N.B''' the option '''Tax Code''' is also available from this Drop Down and is used to create a new tax code. Always consult your Accountant and ERP Support before creating a new tax code as there may be implications for reporting.
-*To '''Activate''' a Tax Code '''Double click''' on the code and tick '''Active''' in the new window that opens and select '''Save <br>
-<br>
+'''Tax Code Description '''<br>
-'''Tax Code Description '''<br>
+'''CAF''' Capital Acquisition - GST Free <br>
-'''CAF''' Capital Acquisition - GST Free <br>
+'''CAG''' Capital Acquisition - Inc GST <br>
-'''CAG''' Capital Acquisition - Inc GST <br>
+'''CAI''' Capital Acquisition - for making Input Tax <br>
-'''CAI''' Capital Acquisition - for making Input Tax <br>
+'''E''' Tax Exempt <br>
-'''E''' Tax Exempt <br>
+'''EXP''' GST Free Exports <br>
-'''EXP''' GST Free Exports <br>
+'''FRE''' GST Free Supplies <br>
-'''FRE''' GST Free Supplies <br>
+'''GST''' Supplies Including GST <br>
-'''GST''' Supplies Including GST <br>
+'''NT''' No Tax <br>
-'''NT''' No Tax <br>
+'''INP''' Input Taxed Sales <br>
-'''INP''' Input Taxed Sales <br>
+'''NCF''' Non-Capital Acquisition - GST Free<br>
-'''NCF''' Non-Capital Acquisition - GST Free<br>
+'''NCG''' Non-Capital Acquisition - Inc GST <br>
-'''NCG''' Non-Capital Acquisition - Inc GST <br>
+'''NCI''' Non-Capital Acquisition - for making Input Tax<br>
-'''NCI''' Non-Capital Acquisition - for making Input Tax<br>
+'''WC''' Combined WET and WEG<br>
-'''WC''' Combined WET and WEG<br>
+'''WET''' Wine Equalisation Tax <br>
-−
 '''WET''' Wine Equalisation Tax <br>
 '''WGST''' GST on Wine Equalisation Tax
@@ Line 51: / Line 49: @@
 You should '''Not''' replace any of the above codes as reports such as your '''BAS''' depend on the '''Correct Tax Code''' being used.
 '''N.B.''' ERP requires your '''Accountant''' to configure the '''BAS''' setup to ensure correct reporting to the ATO. The '''BAS''' report depends on the correct '''Tax Codes''' being used in transactions. Please familiarise yourself with ERP's tax codes before proceeding. <br>
 '''Adding''' a new '''BAS Statement '''This facility enables you to set up and print out and save standard BAS statements. Statements can be created for all or individual departments/classes in an '''Accrual''' of '''Cash''' basis.
-*From the '''Accounts''' Module select the '''BAS report''' button this will open the BAS report Statement at the '''Supplies and ''''''Acquisitions''' section of the report. <br>
+*From the '''Accounts'''BAS report''''''Supplies and''' '''Acquisitions''' section of the report. <br>
 *Select the period you require - '''Monthly''' or '''Quarterly.''' <br>
 *Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. <br>
 *Select '''Options''' and a '''Department''' or '''ALL'''<br>
 *Select the '''Accounting Method''' either '''Accrual''' or '''Cash'''&nbsp;<br>
 *Select '''OK''' which will repopulate all fields. <br>
 *Select '''Save''' and '''Name''' the report and select '''OK''' (It is recommended that you have a policy on the Naming Convention of the BAS reports<br>
 <br>
 '''BAS Options'''<br>
 You are able to create a BAS statement for either '''Cash''' or '''Accrual''' accounting method, the default selection is '''Accrual'''. <br>
 '''Cash''' is used for Businesses using a cash basis of Accounting for Goods and Services Tax (GST) payable and for input tax credits when payment for a taxable supply or creditable acquisition is either made or received.
@@ Line 73: / Line 71: @@
 '''Accrual''' (Non Cash) accounting Entities using an Accrual or Non Cash basis of accounting for Goods and Services Tax (GST) payable and for input tax credits account for GST
 <br>
 '''Adjusting the Configuration of the BAS Statement'''
 The '''BAS Report''' is set up so that you can make changes to the '''Tax Code''' links. It is Important to note, that only a qualified Accountant should carry out this process. The selections need to be checked to ensure you get your desired results.
@@ Line 83: / Line 81: @@
 *'''Repeat''' this process for all of the '''BAS Buttons''' including '''Taxes and Ammounts Witheld''' and '''Bas Debits and Credits'''
+<br> <br>
 <br>